Review: Bank of America Credit Cards

Below is a rundown of credit cards currently available from Bank of America, with short reviews of each:

– Bank of America’s flagship credit card offers lower interest rates than its other cards (11.24% to 21.24% depending on your credit history), plus a 0% interest rate on any balances you transfer to the card for 18 billing cycles. (There is a 3% fee on balance transfers, however.) This card offers no rewards. (Compare this card to other low interest credit cards.)

– Bank of America cash back credit card offers 3% rebates on gas, 2% back on groceries, and 1% everywhere else. Gas and Groceries are considered “bonus” categories, and if you hit $2500 in spending in those categories (combined) in a calendar quarter, further purchases will earn you the 1% cash back rate. No annual fee. Last we looked, this card was also offering a 0% rate on card purchases and balance transfers (3% fee on balance transfers, though) for the first 12 months you have the card. (Compare this card to other cash back credit cards.)

– This Bank of America credit card offers 1.5 points per dollar charged, and you use your points to offset or pay completely for travel purchases you make with the card via a statement credit. Points are worth a penny each — meaning 10,000 points would offset $100 in travel purchases, for example. No annual fee for the card. (Compare this card to other travel credit cards.)

– If you have a bad credit history but hope to rebuild it — or you have no credit history at all and can’t get accepted for a credit card, you might try this “secured” credit card from Bank of America. In essence, a secured credit card takes a security deposit from you — in this case, between $300 and $4900 depending on your wishes — and your credit line is equal to the amount you’ve deposited. If you use the card responsibly, Bank of America may return your deposit after a year and the card would become a standard, unsecured credit card. This card has a $39 annual fee in addition to the security deposit. (You don’t get the annual fee back, though.) (Compare this card to other secured credit cards.)

– Bank of America’s standard student credit card offers an interest rate as low as 11.24% and as high as 21.24%. Like the standard BankAmericard, this student card offers a 0% interest rate on balance transfers (3% fee on any balance transfers, though) for the first 18 months.

– Like the standard BankAmericard Cash Rewards card, this one for students offers 3% rebates on gas, 2% back on groceries, and 1% everywhere else.

– Like the standard BankAmericard Travel Rewards card, this one for students offers 1.5 points per dollar and points can be used to pay for travel.

– Pre-qualify today without an impact on your credit score. Helping consumers with limited or damaged credit make a fresh start for over 12 years. Prior bankruptcy is OK. Account history is reported to the three major credit bureaus in the U.S.

From CreditCards.com:

– See if you Pre-Qualify without harming your credit score. +This fully unsecured credit card with no deposit requirement can be helpful in growing or building credit. Your account activity will be reported monthly to all three major credit bureaus. +All the features you want in a credit card are included. Get 1% cash back on eligible purchases, take advantage of free online credit score tracking, and enjoy credit line increase opportunities. Terms apply.

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